Chemistry Wealth Management LLC Trims Holdings in Wells Fargo & Company (NYSE:WFC)

19 Dec 2023, 11:52 by Scott Moore · The Cerbat Gem

Chemistry Wealth Management LLC trimmed its position in Wells Fargo & Company (NYSE:WFC – Free Report) by 15.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,109 shares of the financial services provider’s stock after selling 5,249 shares during the quarter. Chemistry Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,149,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Dodge & Cox raised its position in Wells Fargo & Company by 1.4% during the first quarter. Dodge & Cox now owns 120,385,253 shares of the financial services provider’s stock valued at $4,500,001,000 after acquiring an additional 1,662,877 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Wells Fargo & Company by 0.5% in the second quarter. Geode Capital Management LLC now owns 69,071,445 shares of the financial services provider’s stock valued at $2,940,412,000 after buying an additional 324,823 shares in the last quarter. Capital International Investors increased its position in shares of Wells Fargo & Company by 69.1% in the second quarter. Capital International Investors now owns 61,833,769 shares of the financial services provider’s stock valued at $2,638,987,000 after buying an additional 25,268,032 shares in the last quarter. Norges Bank purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $2,049,693,000. Finally, Moneta Group Investment Advisors LLC increased its position in shares of Wells Fargo & Company by 129,312.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock valued at $1,085,410,000 after buying an additional 26,267,166 shares in the last quarter. 72.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on WFC shares. Morgan Stanley lifted their price target on Wells Fargo & Company from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday, December 4th. The Goldman Sachs Group boosted their price objective on Wells Fargo & Company from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, December 1st. Jefferies Financial Group lowered their price objective on Wells Fargo & Company from $48.00 to $43.00 in a research note on Tuesday, October 10th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $44.00 price objective on shares of Wells Fargo & Company in a research note on Friday, September 22nd. Finally, UBS Group lifted their target price on Wells Fargo & Company from $51.00 to $53.00 in a research report on Thursday, October 12th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.56.

View Our Latest Report on WFC

Insiders Place Their Bets

In related news, Director Richard K. Davis purchased 3,500 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were bought at an average price of $41.22 per share, for a total transaction of $144,270.00. Following the acquisition, the director now directly owns 4,244 shares in the company, valued at $174,937.68. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.07% of the stock is owned by company insiders.

Wells Fargo & Company Price Performance

WFC stock opened at $49.54 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $179.91 billion, a PE ratio of 10.73, a P/E/G ratio of 0.98 and a beta of 1.18. Wells Fargo & Company has a 12-month low of $35.25 and a 12-month high of $50.77. The business’s fifty day moving average price is $42.60 and its 200 day moving average price is $42.58.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.15. Wells Fargo & Company had a return on equity of 11.18% and a net margin of 17.06%. The company had revenue of $20.86 billion for the quarter, compared to the consensus estimate of $20.09 billion. During the same quarter in the prior year, the business earned $1.30 EPS. Wells Fargo & Company’s revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.05 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 3rd were issued a dividend of $0.35 per share. The ex-dividend date was Thursday, November 2nd. This represents a $1.40 annualized dividend and a yield of 2.83%. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.24%.

Wells Fargo & Company Profile

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